Reef Resources Ltd. Announces Filing of Annual Audited Financial Statements and MD&A for the Year Ended July 31, 2011

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.

Reef Resources Ltd. ("Reef" or the "Company") (TSX VENTURE:REE) is pleased to announce the filing of its audited financial statements for the year ended July 31, 2011 and the related management's discussion and analysis for the year ended July 31, 2011.

Electronic copies of these documents are available on Reef's profile at SEDAR, www.sedar.com, or paper copies can be requested by contacting Reef.

About Reef Resources Ltd.

Reef was formed to participate in the exploration, development and production of conventional crude oil and natural gas reserves in Ontario and western Canada. The Company's strategy is to build shareholder value through internally generated exploration and development drilling and through selective acquisitions.

Forward Looking Statements - This news release contains certain forward-looking statements, which include assumptions with respect to the valuation of Reef's reserves, funds raised from a financing and future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.